Maine Revised Statutes Title 14 Sec. 3580 – Extinguishment of cause of action
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A cause of action with respect to a fraudulent transfer or obligation under this Act is extinguished unless action is brought: [PL 1985, c. 641, §3 (NEW).]
1. Intent to defraud. Under section 3575, subsection 1, paragraph A, within 6 years after the transfer was made or the obligation was incurred or, if later, within one year after the transfer or obligation was or could reasonably have been discovered by the claimant; or
[PL 1985, c. 641, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 14 Sec. 3580
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Failure to receive reasonably equivalent value; transfer to insider. Under section 3575, subsection 1, paragraph B, or section 3576, subsection 1 or 2, within 6 years after the transfer was made or the obligation was incurred.
[PL 1985, c. 641, §3 (NEW).]
SECTION HISTORY
PL 1985, c. 641, §3 (NEW).